October 2020 Monthly Floating Production Systems Report
The oil market and upstream investment remains soft as a new wave of virus infections jolt the world economy. Oil inventory has been declining slowly, but still remains stubbornly high. Crude prices can’t break out of the low $40s range and most field operators continue to hold onto cash, defer investment decisions. OPEC+ seems ready to react to the softness by delaying its planned easing of production constraints this year. But supply constraints are a stopgap measure. Demand needs to increase to get back on track. Meanwhile ExxonMobil firmed a contract with SBM for its third FPSO offshore Guyana, Petrobras decided to rebid the FPSO contract for the Parque das Baleias project in Brazil and Exmar’s charter of the Tango FLNG barge in Argentina was prematurely terminated. All is discussed in the October WER report. Also in the data section of the report are details for 200 floater projects in the planning stage, 44 production or storage floaters now on order, 304 floating production units currently in service and 41 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating and under construction. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 23 October.